Rinse cashews under hot running water for several minutes or soak in HOT water for 5 minutes and then rinse.
Place rinsed cashews in blender. Add 1 cup of the water and all other remaining ingredients and blend on high until completely smooth.
Add second cup of water and pour mixture into a med size pot.
Whisk over med heat until thickened, about 8 minutes. Watch closely to avoid burning.
Voila! Dip chips, serve as a side for baked potatoes, drizzle over maxi-bowls etc!
No oil option: As an alternative to butter you can add a tsp of Butter Flavor.Expert tip: Add even more flavor to this nacho cheese sauce is to add a small (10 oz.) can of diced tomatoes with green chilies (Rotel) towards the end of the thickening process!To reheat: Reheat this nacho cheese in a saucepan on the stove over low heat, or microwave it! Lasts in a covered dish in the refrigerator for up to five days, and freezes well for up to 4 months!